Fiscal Cliff talks continue

While both sides may not see eye to eye on the latest fiscal cliff talks we may be closer to a deal than we think. With only 14 days until we go over the fiscal cliff Speaker John Boehner (R-OH) and President Obama have been meeting at the White House to try and get their two proposals closer together. On Monday the White proposed what they call a $2.4 trillion deficit reduction package. This includes $1.2 trillion in new revenues and $1.22 trillion in spending reductions. Included in the revenue increases is the expiration of the Bush-era tax rates for incomes of $400,000 and more, making this the first time the White House has moved on their stance of raises the rates on incomes of $250,000 and more. By the House Republicans not rejecting this new proposal outright, like they did the last proposal, shows that both sides are moving in the right direction.

However, Republicans are viewing this plan as unbalanced. Speaker Boehner even introduced a “plan b” during the GOP conference this morning that will ensure taxes on incomes below 250,000 don’t rise come January 1.

So who is coming out on top of this whole mess? According to the latest Gallup poll President Obama is being viewed with a 48% favorability rating for his handling of the negotiations versus Speaker Boehner 25%. We have Time Deputy Washington Bureau Chief Michael Crowley on today’s show to help us understand what is exactly happening in Washington.

Be sure to tune in at 3 p.m. for the latest information on the fiscal cliff.